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. >> they're committed to seeing detroit do better. we'll talk about that we'll talk about the housing market. what is the future of loans right now. ashley: yay. >> where are we going with that. ashley: very good. tracy: good stuff. >> it will be a lot of fun. tracy: don't miss "the willis report" tonight 6:00 and 9:00 p.m. eastern right here on fox business. ashley: president obama set to give a news conference in about half an hour. he doesn't do these very often in front of the press corps. there is a lot to talk about before he goes on vacation from terror to immigration reform and oh, yeah, the debt ceiling. chief political correspondent byron york will be us to talk about the interview. tracy: as we go out to break look at winners and losers on the nasdaq. we'll be right back. if you've got it, you know how hard it can be to breathe and man, you know how that feels. copd includes emphysema and chronic bronchitis. spirivis a once-daily inhaled copd maintenance treatment that helps open my obstructed airways for a full 24 hours. y
. >> they're committed to seeing detroit do better. we'll talk about that we'll talk about the housing market. what is the future of loans right now. ashley: yay. >> where are we going with that. ashley: very good. tracy: good stuff. >> it will be a lot of fun. tracy: don't miss "the willis report" tonight 6:00 and 9:00 p.m. eastern right here on fox business. ashley: president obama set to give a news conference in about half an hour. he doesn't do these very often...
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chicago and detroit? i spent time in both places, anybody who have been to those places say chicago's nothing like detroit, and look at the reasons that it actually doesn't make sense they would be on the same path. chicago, different city than detroit in that there's a strong tax base, a growing population. detroit's population, you know, famously has slunk dramatically. there's companies moving into town, boeing recently relocated its corporate headquarters here, and it's also a multiindustry city, not like detroit with a single industry that drives the town, but here's how they are the same. pensions, it comes down to pensions. municipal pensions. chicago has four pension funds, short about $20 billion. they got a budget deficit of about three-quarters of a million dollars. moody's downgrade the the city, and it's not going to get better as time goes on. in 2015, a new state law requires even more to be put into the pension funds, and that could cause property tax increase of maybe a hundred to 150%. a
chicago and detroit? i spent time in both places, anybody who have been to those places say chicago's nothing like detroit, and look at the reasons that it actually doesn't make sense they would be on the same path. chicago, different city than detroit in that there's a strong tax base, a growing population. detroit's population, you know, famously has slunk dramatically. there's companies moving into town, boeing recently relocated its corporate headquarters here, and it's also a multiindustry...
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is but their pension obligations are, their pension system is in worse shape than detroit's, detroit's system is considered an argument how well funded it is but they have four pension systems in chicago, one of them is only 25% funded and the other one is only 38% funded. lori: may be funded through property taxes. no one will raise property taxes. >> interesting you say that. former chief financial officer of chicago did an estimate, in order to pay the bill they would have to raise property taxes 50% to 100%. lori: who is going to vote for that? >> the illinois constitution says you have to pay the pensions so here you have the immovable object and irresistible force. >> any other sources? >> no matter where the money comes from is coming from taxpayers, not the state of illinois. they are a fiscal mess. they don't have enough money to put in their pension system. they have been borrowing billions every year and i can't think of another state with a fiscal problem that the level they do so is not from illinois. lori: is in a domino situation? we watched detroit and now chicago, woul
is but their pension obligations are, their pension system is in worse shape than detroit's, detroit's system is considered an argument how well funded it is but they have four pension systems in chicago, one of them is only 25% funded and the other one is only 38% funded. lori: may be funded through property taxes. no one will raise property taxes. >> interesting you say that. former chief financial officer of chicago did an estimate, in order to pay the bill they would have to raise...
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now in detroit, a federal judge has moved up a hearing on the cities eligibility for bankruptcy. the top five for small businesses. said, san antonio and dallas. baltimore and houston came in next. that is the latest from fox business network. giving you the power to prosper. ♪ connell: jack lew saying our nation will hit the debt limit in late october. to d.c. now and rich edson. >> neither have an opening offer. they refuse to negotiate. that glue claims based on our latest estimates, extraordinary measures are expected to be exhausted. failure means irreparable harm to the economy. one analyst agrees. >> we still will have a very nasty situation where people do not trust us anymore and they want more money. >> the u.s. can expect a severe amount of confidence. while lawmakers return to washington in the next few weeks to figure this out, congress may have more time than he is claiming. officials said they would have only 50 billion in cash, but treasury ran a surplus last september which traditionally is a huge thing. connell: thank you. a great rapport. rich raised a number
now in detroit, a federal judge has moved up a hearing on the cities eligibility for bankruptcy. the top five for small businesses. said, san antonio and dallas. baltimore and houston came in next. that is the latest from fox business network. giving you the power to prosper. ♪ connell: jack lew saying our nation will hit the debt limit in late october. to d.c. now and rich edson. >> neither have an opening offer. they refuse to negotiate. that glue claims based on our latest estimates,...
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dagen: i am a daily reader of the detroit free press. it was last week you ran article about some of the things that were bothersome like car loans, the terms are getting longer. why is that disturbing? why should we be concerned about that? >> a couple things to keep an eye on to make sure they don't get out of whack and one of the ms. this 72 month, six your car loan accounted for 30% of sales in july. that is a long time supporting higher sales prices for cars. the average car costss$28,000. that is good but if people are stuck in loans that are so long that the car's worth less than they owe that is a problem. dagen: one last thing. how do people in default if the elected a bankruptcy filing? talking about how great car sales are but how are the folks doing? >> it is a mixed picture. there is nervousness, there is a feeling that a lot of this had to happen, it was inevitable and the future is better but how we get from here to the future is an uncharted road. dagen: thanks for being here, you're welcome back anytime, taught cars all
dagen: i am a daily reader of the detroit free press. it was last week you ran article about some of the things that were bothersome like car loans, the terms are getting longer. why is that disturbing? why should we be concerned about that? >> a couple things to keep an eye on to make sure they don't get out of whack and one of the ms. this 72 month, six your car loan accounted for 30% of sales in july. that is a long time supporting higher sales prices for cars. the average car...
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08/13
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in detroit, a judge has the states bankruptcy case. 18 billion liabilities. the national federation says optimism is out. 94.1. that is up six times of one point. more people are paying their credit card bills on time. that is the latest from the fox business network. giving you the power to prosper. ♪ dagen: international speedway corporation breaking ground last month on a renovation of flagship. they are trying to boost attendance. i finally get to interview you, lisa. why do this now? >> $8.2 billion tv deal. a lot to do and choices to make. we will make a better experience for them. dagen: attendance has been a struggle. ratings have somewhat stabilized. this deal was quite easy to put together. we have rebounded. our attendance is rebounding. it will appeal to a younger group. dagen: the seats will be wider. there will be more restrooms. >> we will have a lot more opportunities for sponsorship. there will be revenue coming in from the sponsorship side. dagen: there are 11 other tracks. at which of those tracks will you also be reducing capacity? >> we
in detroit, a judge has the states bankruptcy case. 18 billion liabilities. the national federation says optimism is out. 94.1. that is up six times of one point. more people are paying their credit card bills on time. that is the latest from the fox business network. giving you the power to prosper. ♪ dagen: international speedway corporation breaking ground last month on a renovation of flagship. they are trying to boost attendance. i finally get to interview you, lisa. why do this now?...
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Aug 28, 2013
08/13
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they're not detroit's. when that analysis is done, at our present tax structure the taxable equivalent yield is about nine. where are you going to get nine in a liquid investment of very high credit quality? i don't see very much of it. so we shifted allocation to tax-free bond. ashley: very good. do your homework. always good advice. david kotok, thank you so much for joining us. we appreciate it. >> thank you. lori: let's take a specific look at the market because the gains thus far are evaporating slightly. lauren simonetti joins us from the floor of the stock exchange. you're watching a couple big movers on the session. >> on earnings, we have a winner and loser. let's start with teach very. that's a winner. shares are up 5% the company announced its highest net revenue and profit in the company's history. investors encouraged by that. additionally, several settlements of companies like cisco and motorola means teach very has more -- teach very has more cash to invest in research and marketing. overall
they're not detroit's. when that analysis is done, at our present tax structure the taxable equivalent yield is about nine. where are you going to get nine in a liquid investment of very high credit quality? i don't see very much of it. so we shifted allocation to tax-free bond. ashley: very good. do your homework. always good advice. david kotok, thank you so much for joining us. we appreciate it. >> thank you. lori: let's take a specific look at the market because the gains thus far are...
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they have not voted yet i don't think this will change because they can see what is happening detroit has just gone bankrupt and relied on gm and chrysler and ford they do not want to go the way of detroit to one of the pensions will be smaller you know, you'll end up with less at the end of the day. >> with the individual company you can change it if you change jobs in ticket with you that is the advantage. if you want to move to a better job you can without investing in your pension. tracy: give them props for trying. i don't know what they're thinking. [laughter] great to be with you. ashley: they go to the south because the state's give tax advantages nissan moved to just south of nashville for that reason so it makes sense. amazon moving into a new business rolling out where people can buy a fine art from people and galleries nearly 40,000 works by 5,000 artist but the well-known names are bringing in the big bucks the most expensive item norman rockwell going after four-point a million dollars. it's still works even with him in the war hall -- andy warhol. >> you would think you
they have not voted yet i don't think this will change because they can see what is happening detroit has just gone bankrupt and relied on gm and chrysler and ford they do not want to go the way of detroit to one of the pensions will be smaller you know, you'll end up with less at the end of the day. >> with the individual company you can change it if you change jobs in ticket with you that is the advantage. if you want to move to a better job you can without investing in your pension....